Beyond Debt-free: Does having large amount of money means your rich?

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It has been circulating in the social networks about the riches Pinoys this year and a lot of people have their opinions about it.

These personalities are defined rich based on the wealth they amass. In these days almost everything are quantified to be able to say that one is better or richer than the other. And so I ask does having large amount of money make your rich?

Forbes Top 10 in the Philippines


Some will say yes.

Having money to buy your needs and wants without a second thought or even in a snap makes you rich. People tend to compare themselves to their neighbor who can buy a 21 inch flat screen TV in one day and buy another 21 inch Plasma TV on another day. People easily envy people who have the power to buy and since they have quantified and compared themselves  with their neighbor they conclude that their neighbor is rich.

But the problem with that is they never look at what was behind that massive buying power as compared to them.Instead of thinking how their neighbor became wealthy they would rather envy and look at how pitiful their situation is. Instead of knowing how to reach the same wealth their neighbor has achieved they would rather think that they are destined to be poor.

Others will say maybe they are wealthy.

This thinking is that of having a doubt where the neighbor got their wealth. It is funny now a days that if one day the neighbor who for so many years was of the same financial level as they are have a brand new car, or have a party, or on a gateway. People’s minds are so creative. Without really knowing the story behind the new car, the luxurious party, or a sudden getaway people will say that it’s from selling drugs, or the daughter is a prostitute and found a 4M(Matandang Mayaman Madaling Mamamtay), their son is a benefactor of a sugarmommy, or the dad might be a hired gun man, and other gossips.

A few will say they are not wealthy.

Again it could be due to envy that is why they say they are not wealthy or it could be that this set of people have different perspective about wealth.

In my opinion being rich or wealthy is not entirely based on the quantified money one has in their bank accounts. If you can eat 3 meals a day and a snack in between you are wealthy. If you don’t worry where will you get your payment for your hospitalization I believed you are wealthy. And if you have extra money to give to charity or even sponsor a child to go to school then I believe you are wealthy.

A person’s wealthy status does not depend on the tons of money they have but rather it depends on how one manages it. You may have a fat bank account but as they say more money means more spending. In the end your net worth might be zero.

By the way if you look at the Pinoys listed as richest this 2013 most of them run great business and give huge sums of money for charity.

About the blogger

Louis Delos Angeles is a Certified Public Accountant, blogger behind Investing in Philippines, and author of Investing in Stocks: Preparing for the future small amount at a time. Check him out in Google+ Learn more about Louis and his financial freedom advocacy here.

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2 comments for “Beyond Debt-free: Does having large amount of money means your rich?

  1. ruperto nambio
    September 10, 2013 at 2:32 pm

    I notice almost billionaires mentioned on this post are chinese or having chinese blood (mestizos). I wonder what made Pinoys not billionaires when we are 90 millions Filipinos, outnumbering the chinese population. What are the reasons?

    • September 12, 2013 at 7:53 pm

      Well according to Suze Orman it is not that Pinoys cant save, but rather they don’t want to save(check out my Suze Orman Says post series). If only the 90 million can save some for investment or business I believe the Philippines will be one of the richest country in the world. The problem is most Pinoys prefer to spend their money right away once they get a hold of it or worse even if they are about to receive it a certain amount is already allotted to buy something :). It only takes a small amount set aside regularly and invested wisely that can make one financially stable what more if it is huge amount.

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